The Dow Jones Industrial Average rebounded from last week’s losses to reach near record high levels on Monday, July 14. The Dow Jones Industrial Average finished the day up 0.66% at 17,055.42, off 12.84 points from its previous high of 17,068.26 on July 3. The S&P 500 also gained, adding 0.49% to end the day at 1,977.10. The S&P 500’s 2014 high is 1,985.44.
A Goldman Sachs report released on Friday, July 11 revised its outlook for the U.S. markets. In a MarketWatch discussion on Goldman Sachs’ report it notes that the S&P 500 will end the year around 2,050. This outlook for the S&P 500 index was revised up from a previous report by Goldman Sachs which had the S&P 500 index ending the year at 1,900. Goldman Sachs continues to remain bullish on S&P 500 growth through the end of the year. Beyond 2014 Goldman Sachs holds its estimate basically unchanged with the S&P 500 leveling off to reach 2,100 in 2015 and 2,200 in 2016.
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The day’s trading was highlighted by Citigroup (NYSE:C) which reported earnings that beat analysts’ expectations and a settlement for $7 billion that would keep it from ongoing legal issues. The settlement for Citigroup pertains to the packaging and disclosure of certain mortgage-backed securities. The financial company’s earnings beat and settlement report were received favorably by the market which pushed its stock price higher, ending the day up 3.02% at $48.42. The S&P 500 Financial sector was up 0.62%. This news comes one day ahead of significant DJIA financial company earnings reports by JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) on July 15.
In the DJIA financial stocks Visa (NYSE:V) and Goldman Sachs led the index higher. Visa was up 1.86% ending at $221.03 and Goldman Sachs was up 1.33% ending the day at $167. Laggers in the index included Merck (NYSE:MRK) which was down 0.44% to $58.18 and Wal-Mart (NYSE:WMT) which was down 0.35% to $76.55.
In the S&P 500 the Energy sector was up 0.89% and the Technology sector gained 0.72%. The Financial sector followed with a gain of 0.62%.